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_ <br />attached to the Project Summary and incorporated herein. <br />12. Remedies For Default. Upon default in the payments to be made by the BoRROwER <br />under this contract, or default in the performance of any covenant or agreement <br />contained herein, the CWCB, at its option, may: <br />a. suspend this contract and withhold further loan disbursements pending corrective <br />action by the BORROWER, and if the BORROWER does not cure the default as <br />provided for below, permanently cease loan disbursements and deem the PRO�ECT <br />substantially complete; <br />b. exercise its rights under any appendices to this contract, including, but not limited to, <br />the Promissory Note and/or Security Agreement; and/or <br />c. take any other appropriate action. <br />The CWCB shall provide written notice to the BoRROwER of any such default and shall <br />give the BoRROwER an opportunity to cure within thirty (30) days of receipt of such <br />notice. All remedies described herein may be simultaneously or selectively and <br />successively enforced. The CWCB may enforce the provisions of this contract at its <br />option without regard to prior waivers of previous defaults by the BoRROwER, through <br />judicial proceedings to require specific perFormance of this contract, or by such other <br />proceedings in law or equity as may be deemed necessary by the CWCB to ensure <br />compliance with provisions of this contract and the laws and regulations under which <br />this contract is executed. The CWCB's exercise of any or all of the remedies <br />described herein shall not relieve the BoRROwER of any of its duties and obligations <br />under this contract. <br />13. OPERATION OF PROJECT. Th2 BORROWER Shall, without expense or legal liability to the <br />CWCB, manage, operate and maintain the PRO�ECT continuously in an efficient and <br />economical manner. <br />14. BORROWER's Liability Insurance. <br />a. Because the BoRROwER is a"public entity" within the meaning of the Colorado <br />Governmental Immunity Act, CRS 24-10-101, et se ., as amended ("Act"), the <br />BoRROwER shall at all times maintain such liability insurance, by commercial policy <br />or self-insurance as is necessary to meet its liabilities under the Act. <br />b. Prior to the disbursement of any loan funds, the BoRROwER shall provide the CWCB <br />with an Acord Form 27 or other form satisfactory to the CWCB evidencing said <br />insurance and shall provide the CWCB with documentation of renewals of said <br />insurance. <br />15. Additional Contract Requirements. Any additional contract requirements are set <br />forth in Additional Contract Requirement (Section 6) of the Project Summary. <br />B. PROJECT PROVISIONS <br />1. Construction Fund Program Procedures. During the completion of the PRO�ECr, the <br />BORROWER shall adhere to the CWCB Construction Fund Program Procedures <br />(Section 7) of the Project Summary. <br />2. Eligible Expenses. The PRO�ECT expenses for which the BoRROwER is eligible fior <br />loan disbursements are listed in Eligible Expenses (Section 8) of the Project <br />Summary. <br />Page 5 of 10 <br />